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Barrys Accounting Services,Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
 
Client Update - quarterly newsletter
 
   

Entertainment Tax Accountant, Financial Advisor, Business Manager - Barrys  Accounting Services - Brooklyn, NY

Tax-Accountants for Touring and In-residence Artists and DJs.

Entertainment/Performance Industry

This year 2022, the New Federal Administration has proposed to increase Corporation Tax Rate from 21% to 28%; and Foreign Profits Tax Rate to 21%. Individual Tax Rate will increase to 39.6%. Be Preapred!!). Lets get to the specifics!!

 

Services we provide for Touring 

and In-residence Artists and DJs.

 

Artists and DJs we want as clients.

#1)

Artists and DJs who are planning Concert Tours in cities in the USA, Europe, Asia, etc.

(a) AND they are signed to a Major or Independent record company/label (Universal, Warner, Sony, Columbia, Atlantic, Capitol).

(b) OR they are signed to Main-Stage Music Festivals (Tomorrowland, Brazil for Cercle,  Lollapalooza, Coachella, Bonnaroo, iHeartRadio, EDC, Ultra Miami, Seminole Hard Rock Arena, Amsterdam, Ultra Europe,  IBIZA, Electro-beach, MadCool, Airbeat One, Nature One, Munich Olympic Stadium, Bucharest Romania, Lanxess Arena Koln, Festival Les Vieilles Charrues, Chateau de Chambord, The 02 Arena, Leeds, Parklife, Wembley, Creamfields, Glastonbury, Super Sonic, Yokohama Arena, etc).

(c) OR they are signed to their own Independent Label (INDIES); and they are planning Concert Tours in cities in the USA, Europe, Asia, etc:-

We are Entertainment Tax-Accountants. We work/operate from the Business-side of the Industry. We understand the Economics of the Industry and the Financial Reporting complexities that are associated with Tour Expenses, Promotion Costs, Royalty Tracking, Overseas earnings, VAT, International tax treaties, etc. We will put together a Budget, Forecast, Taxation plan, and an effective, strategic and execution plan that will always let you know where you stand with Cash-Flow, Working Capital, and Profitability. We will ensure your tour is FINANCIALLY successful. We will save you Millions of dollars in non-essential/unnecessary expenses and taxes and make the net-worth of those on the Fortune-100 list look like Pocket Change/Tips Money while you keep a Busy and Lucrative performance itinerary of 50 shows/cities in 60-days. You are On-A-Roll; and you are entertaining your super-fans with a medley of sing-along hit-songs from your multi-platinum catalogue; and bedazzling the mediacross-over fans, advertisers, and sponsors with Back-2-Back monster hits from your grammy winning albums and your legendary on-stage theatrical performances; making each show/event an extravaganza, a masterpiece, and a commercial sensation, with stratospheric success accross the world-Straight-up, Legendary!!!

***NOTE:-DONT Pay us. Give us CREDIT on your new album that is ready to be released. We are taking the risk with you. We know this industry and we are "WICKED" with numbers. The more complex, the better. Our clients have all kinds of money; and they have thank God we had their backs. Time Management is very important to us. You have a lot of work to get done. Lets start today!!

#2)

In-residence Artists and DJs who have a Contract with/from a Casino or Hotel/Resort:-

If you received income and you didnt file your tax returns(IRC Sections 111, 701, 6601 and 6651), the IRS and States can come after you FOREVER because you dont have a Statute-of-Limitation. You are responsible for filing your tax returns and paying your taxes on time even if your management company or booking agency had promissed to do it for you. Ask those Artists, Actors, Actresses, Baseball players, and DJs who have had tax problems with the IRS and States.Lets start working on that today!!

#3)

Artists and  DJs who want to resolve U.S. or Foreign Tax problems:-

Interests and Penalties (Sections 6601 & 6651) for taxes owed are HOT. They can burn a BIG hole in your bank account(as high as 50% of the tax you owe). However, some of those interest and penalties can be completely forgiven. Filing for bankruptcy will damage your credit rating and wouldnt erase/wipe-out your tax debts; and the IRS and State will move quickly and put a LEVY against your bank accounts and a LIEN against your property and sell it at auction. If you have a mortgage on your property, the bank will come after you and your co-signers for full payment of the balance of the mortgage. That includes seizing the collateral that you pledged on your mortgage application form. Ask those Artists, DJs, Actors, Actresses, and Baseball players who have had tax problems with the IRS and States. If you owe tax and/or child support payments in a Foreign Country, that debt should be settled before your plane lands in that countrys airport. I can introduce you to people who have faced embarassing consequences for non-compliance. Lets keep it real!! Lets start working on that today!!

What we want UP-FRONT from Artists & DJs.

#1)If you are an Artist or DJ and you are planning a concert tour (for Verification and for Tax Planning purposes and to save you millions of dollars in expenses and taxes) we want a copy of the contract that you signed with the Record Company/Label and with each Event Promoter or Booking Agent that book your tour, including a copy of your Tour Schedule/Itinerary.

#2) If you are resolving a tax problem/dispute, in the USA or Overseas, we need a copy of the letter that you received from the IRS in the USA or the IRD in the Foreign Country.

 

What  More Do We Bring To The Table

In addition to those Benefits that we have discusses above, Are you planning to sign a new contract/record deal? How about a deal like this:-80% Royalty and 50% Publishing rights, in addition to keeping ownership of your masters? Thats Leverage. That is where your Money, Wealth, and Power are. We work with clients who have those deals.

*If you are a singer-songwriter and you perform your own original songs, how about an exclusive worldwide publishing deal that covers your full catalog/catalogue and future works? We work with clients who have those deals.

*How about Royalty Auditing to ensure you have received every contractual distribution from record labels and publishing companies? How about valuation of recording/publishing catalog and catalog acquisition?

*How about the Tax Aspects of Marriage, Separation, and Divorce? We have been following activities in Divorce Courts in the USA and the UK; so we know whats "Cooking". Men and Women who have received big rewards/settlements are smiling that they hit the Jockpot, while those who have ignored the importance of securing their assets, because they were too deeply in love, have ended up paying a fortune in assets distribution and Attorneys fees, including heart aches, regrets, worries, frustration, and depression. That happens a lot to high profile and high net worth people. Especially, those people in Sports and Entertainment. You can check out those dockets in Divorce Courts. It\'s public information.

We are Mission-driven and Lazer/Hyper-focus. We bring decades of successful "Industry-specific" Taxation and Business experience, Practical Insights, Strong work ethics, Integrity, and Quick, Effective, and Efficient business execution strategies to EVERY area/niche in the entertainment industry (Music, Films, Fashion, Sports, and Culinary). We also have in-depth knowlwdge and practical experiences in Real-Estate, Transportation, Hospitality, and Insurance; and We are current on issues that pertain to the U.S.A and European Employment and Tax Compliance rules in those industries. Our clients have received Exceptional Results and Peace-of-Mind.  

Here is an E-mail we received: - "I have just signed with Columbia Records and I received an advance against my recording contract. Would you like to be my business manager?"

Reply to the E-mail: - Thanks for your Inquiry. We have received many similar offers. We are Entertainment Tax-Accountants. I would suggest that you signed to a Business Manager(Management Firm), and a Booking Agent/Agency. They have a Roster/list of Talent Buyers and Concert Promoters who will book your concert tours/shows at venues in the USA and Overseas. If you need me to get involve/participate, I can work independently and in tandem with your team. You will benefit tremendously from TWO of my specialties:-

1)

Public Relations & Crisis Management:-The value of mainstream media exposure is priceless. While you are pumping-up the crowd your tour schedule will spread across the world like wildfire. We will ensure that All marketing and press releases are effective and released ahead of time to adequately publicized each venue, keep fans camping outside the venue; and fill each venue up to the Citys Sight-specific, or Special Event Permit limit, NOT up to the venue capacity. (Using tight Security and Crowd Control Techniques in addition to having adequate Liability Insurance Coverage to protect you and your assets in case you are held liable for unforeseen contingencies such as "Inciting the Crowd" before and during the concert.

We have seen the dangers that Frenetic Crowd have caused in Mosh Pits (Moshing) as fans rushed towards the stage and became disorderly. The melee is horrifying and heartbreaking. We are talking about  Stampedes, Mass Casualties, Mayhem, Permanent Injuries, and Lawsuits, as Attroneys look for every loophole to hold Artists, Venue, Organizer, Promoter, Ticket Agent, and Security Company accountable and liable for putting profit ahead of the life of attendees. That could damage your brand. Iconic Sponsors and Product Manufacturers will DROP you QUICKLY/FAST because they dont want to be associated with anything that will DEVALUE their BRAND; and they no longer see VALUE in you)

2)

Tax Accounting:- We will ensure strict budgetary controls and rigorous financial oversights during each event on the tour calendar, because we have heard Artists Complained that Venues/Shows were SOLD-OUT; but they ended up almost BROKE. (A female Artist/Superstar sued her Management Firm for Financial Mis-management and received a court settlement of $10 million. That is public information. It is in court dockets in Manhattan, New York).

Your income stream is a complexity of Royalties, Licensing, Intellectual Property and International earningsWe will ensure that your earnings from multiple income source/streams:- (music sales, concerts, merchandise, commercials, endorsements,  spokesperson, sponsorships, music publishing, Logo lease, book publishing & sales, speaking engagements, guest appearances, sound tracks, ringtones, voice-overs, jingles, modelling, acting, etc.) from the USA and Overseas are received and are properly accounted for; and are in the appropriate bank accounts (local bank, overseas/offshore bank). We will monitor your investments performances because many Artists and Band Members have lost almost all their investments to Business Partners and stock-market scammers/brokers. We will prepare a personal and business tax plan that will save you millions of dollars. Tax returns will be filed in a timely manner and in accordance with U.S. and International tax rules/treaties (International Taxation).

Our Business Operations Policy:- You will NEVER get stuck in a contract with us. You can terminate your agreement with us ANYTIME. We have seen how peer pressure has affected Artists; so we care about your well-being in the industry. You can count on us for strightforward advice that will help you sidestep controversies and maintain your sanity. We do not disclose non-public personal information about our clients to anybody (IRC 6713), except as permitted by law, through a power of attorney signed by our clients; or a court order directing us to make disclosure. We operate on the Business side of this industry and we are Mission-Driven. We DONT need Cheap Publicity; and we DONT get involved in Street Drama and Conflict of Interest. Those things CANT bring us MONEY. Every new client will go through a verification/suitability check even when our trusted advisors recommend them us. Similarly, everybody is free to check us out before they do business with us (Proactive Risk Management)We are Transparent (above-board), Factually-deep, and Very Specific; and we Honor Our Obligations. Everything that we have done for our clients was discussed with them, and approved by them(written consent). They have taken our advice; and NONE of them have had to endure Financial or Tax nightmares, or file for Bankruptcy.

Fee:- Barrys Accounting Services, Corp. delivers superb service at an unbeatable price. We have THREE pricing/fee structures. Pick ONE:-

#1) GIVE US CREDIT:- Dont pay us. Keep the money and give us credit on your new album that is ready to be released.

#2) FULL  PACKAGE:- The fee is 3% to 5%. This is a Flat Fee for each service that we provide. This is different and better than a 360 deal/agreement.

#3)TAXATION only:- The fee starts at US $1,200.

We are very efficient and business savvy. NOBODY works harder than us to bring clients EXCEPTIONAL results/benefits, and Peace-of-Mind. You have a lot of work to get done. Time Management is important to us. Call us and lets start today!!!

 

Overview

How I learn the Ins and Outs of the industry

#1)Studied Accounting & Taxation at NYU and the University of London.

#2)Taken selective entertainment classes at Manhattan School of Music, and the University of Southern California. I have an ear for music. Upon release, I can tell almost instantly if a song/album will become a hit/monster:- (Concept, great  intro., structurelyrical content, selection & flow, voice/vocals, clarity, instrumentals, pace, bars, chorus, punch lines, melody, hooks, bridges, drops,  beats, mix/remixes, volume, arrangement, timing, sound, vibrancy/energy, etc).

#3)Taken California Baby Bar Exam (Contracts, Tort, and Criminal Law).

#4)Worked temporarily for A&M Records and Arista Records in the 1980s.

#5)IRS Enrolled Agent-1989 to present (Music and Film Tax Audits).

#6)Quick and effective execution is everything. I have solved most issues in ONE day that have kept others frustrated for ONE month. I am "WICKED" with numbers. The more complex, the bigger the loopholes. I am a Tax Strategist and a Consultant for entertainment giant (USA and Europe Divisions. Name withheld, Non Disclosure Agreements or NDAs) with Direct Access to Tax Strategists/Consultants around the world. 

How we know about Artists & DJs:- Rolling Stone and Billboard Magazines subscriptions; YouTube; and promotional campaigns on Radio and TV in the USA and Overseas to publicized the release of their albums/singles and tour dates/bookings. We watch fans attendanceparticipation, and the energy in the venue/arena (stage presence, performances, and fans reactions).

How we obtain Artists & DJ clients:-Direct Mailing from our exclusive database; Family-Law Attorneys preparing Pre-nuptial and Divorce Agreements;  A&R; Artists Business Managers; AND Entertainment Attorneys. Every New client goes through a Verification/Suitability check, even when our trusted contacts make recommendations to us. Thats the key to identifying when we must refuse an opportunity(Proactive Risk Management).

We help each client Pick/Choose/Select specific services that they need; and those services are included in a written contract that is signed by the client and us. Barrys Accounting Services, Corp. will honor its agreement as stipulated in the written contract with the artist/artist manager. Services we can provide the Artist or DJ are as follows:-  Design business strategies and articulate strategic plans that fit into aggressive marketing and public relations campaigns; ensure tours and release of your album is treated as priority; establish a corporation to manage business-related income, expenses, and investments in accordance with current bookkeeping/ accounting and tax rules; provide the artist/manager with clear weekly/monthly financial reports; review promoters general/spectator liability insurance policy, event cancellation policy, artist non-appearance option; review contracts and modify exclusions, power of attorney, key man clause, sunset clause, back-end/front-end deals, guarantees (multiple shows, favorable routing, booking in other regions, etc.) and ensure that the artist receives adequate and timely payment from the record label, publishers, promoters, sponsors, and merchandisers, etc.; help the artist renegotiate/buyout of existing contract(s) ONLY if the artist request our involvement; budget and coordinate concert tours; communicate with booking agents, label A&R department, and sponsors liaisons; review prenuptial agreements and divorce decrees for tax consequences before the artist signs them; prepare a personal financial/retirement plan for the artist; plan, purchase, manage, and sell business entities approved by the artist; connect artist to overseas promoters and foreign entertainment accounting firms if this service becomes necessary; audit (tour accounting, royalty, publishing and merchandising companies) and hold everybody accountable for the artists money; prepare personal and corporation tax returns; assist artist with purchasing, renovating, insuring, leasing, and selling real estate, boats and planes; screen key employees and business associates, and coordinate special events on your behalf.

 

Click here for "Financial Planning & Wealth Management"

 

Income
1) Appearances (promotional, opening act, headliner, movies, and fashion.)
 
2) Tickets & VIP Packages (private parties, concerts, tours).
 
3) Ancillary/Residuals (studio rents, merchandise sales, endorsements/sponsorships, and advertisers.)
 
4) Royalties (record/publishing company, copyright infringement, music library and book publishers, radio playlist, songwriting, film and movie soundtracks, etc.).


Non-Income
Charitable, goodwill, and public relations appearances.


General Expenses/Overhead
Support staff/entourage: Agent, managers, producers, coach, choreographers, security, secretary, chaperon, beautician, publicists, attorney, bookkeeper, accountant, master of ceremony/announcer, casting directors, photographers, technicians, musicians, and foreign and local promoters and distributors, etc.

Related expenses: Baby-sitter, maids, chef, butler, and gardener/caretaker (Forms W2, household employees vs. independent contractors), advertising and promotion, printing, postage, stationery, charitable contributions, insurance (property, health, disability, medical, and long term care), medical expenses, bank charges, pension contributions, transportation (air, limousine, tour buses, trucks), taxes and permits (local and foreign), meals, lodging, costumes, studio fees, rehearsal space, hall/stadium rent, lodging while on tour, leases, depreciation deduction, organizational expenditures/deferred expenses, musical instruments and related accessories, equipment repairs, opening acts/artist, stage lighting and decorations, audition fees, portfolio and resume, professional/membership dues, telephone and answering service, electricity, health club, physical training/education, script preparation, dance lessons, voice training, casual labor/stage hands, co-writers, record producers, mixers, taste makers, remixers, hit makers, engineers, co-publishers, costumes, rehearsal clothing/props, tips backstage (dressers, doormen, porters, bell hops, etc.), theatre books, sheet music, scripts, score cards, the cost of attending plays, movies, and concerts to observe trends in your industry and to maintain and improve skills in your profession, celebration, and special events in accordance with industry norm.

 

The Scorpions
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Def Leppard
Def Leppard
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Judas Priest
 
Bonfire
Bonfire
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